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Problem
During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 180 million common shares, $1 par per share.
Required:
Prepare the appropriate journal entries to record each transaction.
Jan. 9 Issued 90 million common shares for $26 per share.
Mar. 11 Issued 5,800 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $26 per share.
PART B
A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares)..
($ in millions)
Date
General Journal
Debit
Credit
Jan. 12
Land
5
Paid-in capital-donation of land
Sept. 1
Common stock
2
Retained earnings
60
Cash
62
Dec. 1
32
1
Gain on sale of previously issued shares
31
Prepare the journal entries that should have been recorded for each of the transactions.
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